Published on 10/26/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $10 million review notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 26 – Credit Suisse AG, London Branch priced $10 million of 0% review notes due Oct. 6, 2026 linked to the least performing of the common stocks of Morgan Stanley, NIKE, Inc. and Workday, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized call premium of 15.5% if each stock closes at or above its applicable call level on any annual review date. For each stock, the call level will be 100% of the initial price for the first three review dates and 60% of the initial price for the final review date.
If the notes are not called, investors will be fully exposed to any losses of the worst performing stock.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Review notes
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| Underlying stocks: | Morgan Stanley, NIKE, Inc. and Workday, Inc.
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| Amount: | $10 million
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| Maturity: | Oct. 6, 2026
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| Coupon: | 0%
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| Price: | Par
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| Call: | At par plus 15.5% per year if each stock closes at or above call level on any annual review date; call level will be 100% of the initial price for first three dates and 60% the initial price for the final date
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| Payout at maturity: | If not called, 1% loss for each 1% decline of worst performing stock
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| Initial levels: | $142.45 for Morgan Stanley, $145.71 for NIKE and $251.25 for Workday
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| Final call levels: | $59.08 for Morgan Stanley, $87.43 for NIKE and $150.75 for Workday; 60% of initial levels
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| Pricing date: | Oct. 4
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| Settlement date: | Oct. 7
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| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 0%
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| Cusip: | 22552XXS7
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